Axie Infinity lost more than 80% of its value in just 6 months, the top swinger, the one piled up in debt
The AXS and SLP token values of the game Axie Infinity are slipping further and further after recent economic model changes failed to retain players.
Prices of AXS, SLP decrease and decrease
The AXS token of the game Axie Infinity lost more than 50% of its value in April 2022, dropping below the 30 USD threshold for the first time since July 2021 – when the fever revolved around this game and the model. Play-to-Earn peaked.
At the time of writing, AXS is only trading around $ 29.35, but has been corrected to $ 26.51 on May 1. For comparison, the price of AXS on April 1 was at $67.40. Since the beginning of 2022, AXS has lost 73% of its value.
1D graph of AXS/USDT pair on Binance at 08:35 AM on 04/05/2022
The market capitalization of AXS from 4 billion USD a month ago is now only 1.78 billion USD.
Meanwhile, the game’s bonus token, SLP, is not in a better shape, having also dropped by 46% in April, even though it is already at a very low level. Since the beginning of 2022 until now, SLP has “evaporated” 63.2% of its value.
The trading price of Axie’s NFTs is similarly “split” in 2022.
1D graph of SLP/USDT pair on Binance exchange at 08:35 AM on 04/05/2022
Why is Axie Infinty so depressed?
The direct reason for the decline of both coins came from the news that Axie Infinty’s Ronin bridge was hacked at the end of March, causing the most serious attack in the history of the cryptocurrency industry with damage up to to $622 million.
Although the publisher of Axie Infinity, Sky Mavis, later pledged to fully compensate players, even raising $ 150 million in capital to realize this goal, as well as making moves to reform the security system and managing Ronin , but that still does not seem to be enough to reassure investors.
In addition, the new version of Axie Infinity, Origin (aka Axie v2) released in April, did not resonate as much as expected because there are still many bugs to fix. This is why Season 21 of the game was conducted using the old version v3 and will last from April 25 to June 21. Sky Mavis confirmed that Season 21 will be the final season of Axie v2, with a bonus fund of more than 130,000 AXS.
Thought these changes would cut the supply of SLP and keep the price of the token, but it inadvertently pushed away the segment of SLP “plow” players, who often had teams fighting PvE at low cost. and less time consuming than PvP.
According to data from Dapp Radar, it is clear that from the beginning of 2022 and especially from February (when the change in SLP was applied), both the number of players and the number of Axie transactions decreased sharply, during while the trading volume increased slightly in April thanks to the Origin launch event, it soon subsided.
(Refer to Coin68)
at Blogtuan.info – Source: gamek.vn – Read the original article here
